Apollo Commercial Real Estate Finance : Q2 2021 Quarterly Supplemental Information

A P O L L O C O M M E R C I A L R E A L E S T A T E F I N A N C E , I N C .

Q2 2021 Financial Results

July 26, 2021

Information is as of June 30, 2021, except as otherw ise noted.

It should not be assumed that investments made in the future w ill be profitable or w ill equal the performance of the investments in this document.

Forward Looking Statements and Other Disclosures

This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond management's control. These forward-looking statements may include information about possible or assumed future results of Apollo Commercial Real Estate Finance, Inc.'s (the "Company," "ARI," "we," "us" and "our") business, financial condition, liquidity, results of operations, plans and objectives. When used in this presentation, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the macro- and micro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the impact of the COVID-19 pandemicon our financial condition, results operations, liquidity and capital resources; ARI's business and investment strategy; ARI's operating results; ARI's ability to obtain and maintain financing arrangements; the timing and amounts of expected future fundings of unfunded commitments; and the return on equity, the yield on investments and risks associated with investingin real estate assets including changes in businessconditions and thegeneral economy.

The forward-looking statements are based on management's beliefs, assumptions and expectations of future performance, taking into account all information currently available to ARI. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to ARI. Some of these factors are described under "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in ARI's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021 and other filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. If a change occurs, ARI's business, financial condition, liquidity and results of operations may vary materially from those expressed in ARI's forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for management to predict those events or how they may affect ARI. Except as required by law, ARI is not obligated to, and does not intendto, updateor reviseany forward-looking statements, whether as a result of new information, futureevents or otherwise.

This presentation contains information regarding ARI's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("GAAP"), including Distributable Earnings and Distributable Earnings per share. Please refer to page 18 for a definition of "Distributable Earnings" and thereconciliation of theapplicableGAAP financial measures to non-GAAP financial measures set forth on page17.

This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. ARI makes no representation or warranty, expressed or implied, with respect to theaccuracy, reasonableness or completeness of such information.

Past performance isnot indicative nor aguarantee of future returns.

Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors (such as number and types of securities). Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ special investmenttechniques such as leveraging or short selling. No such index is indicativeof thefutureresults of anyinvestment byARI.

Unless the context requires otherwise, references in this presentation to "Apollo" refer to Apollo Global Management, Inc., together with its subsidiaries, and references in this presentation to the"Manager" refer to ACREFI Management, LLC, an indirect subsidiaryof ApolloGlobal Management, Inc.

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ARI Q2 2021 Highlights

Strong Distributable Earnings1,a

$0.41

($0.81 1H'21)

Distributable Earnings1 per Diluted Share of Common Stock

Robust Originations Activity

$825 Million

($1.4 Billion 1H'21)

New Mortgage Commitments Closed

Well-Covered Dividend

1.2x

(1.1x 1H'21)

Coverage Ratio for Dividend per Share of Common Stock2

Durable Balance Sheet

$2.0 Billion

of Unencumbered Loan Assets3

1. Amount reflects Distributable Earnings, prior to realized losses and impairments on real estate ow ned, investments, and interest rate sw ap See footnotes on page 18

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Summary Results

Financial Results

Capitalization

• Net interest income of $74 million
• Net income available to common stockholders of $64 million, or $0.42 per diluted share of common stock
• Distributable Earnings1,a of $59 million, or $0.41 per diluted share of common stock
• Declared a common stock dividend of $0.35 per share for Q2 2021, resulting in a 1.2x coverage ratio2 and a 9.0% dividend yield4
• Issued $500 million of 4.625% eight-year Senior Secured Notes; used proceeds to unencumber assets and general corporate purposes
• The transaction was upsized by $100 million from launch and was ARI's debut offering in the senior secured notes market
• Ended quarter with $227 million of total liquidity, comprised of $205 million in cash on hand and $22 million of approved and undrawn credit capacity

Originations

Loan Portfolio

• Committed $825 million to five new first mortgage loans during the quarter; $1.4 billion year-to-date
• Q2 gross add-on fundings of $246 million5; $264 million5 year-to-date
• Received $262 million of full repayments during the quarter; $437 million year-to-date
• Total loan portfolio of $7.5 billion with w/a unlevered all-in yield6,b of 5.5%
• • 88% first mortgages
  • 97% floating rate
• 89% of US floating-rate loans have in-the-money LIBOR floors with a w/a of 1.32%c
• $2.0 billion3 of unencumbered loan assets

a)	Amount reflects Distributable Earnings, prior to realized losses and impairments on real estate ow ned, investments, and interest rate sw ap
b)	Excludes benefit of forw ard points on currency hedges related to loans denominated in currencies other than USD

1. Excludes loans on non-accrual See footnotes on page 18

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Portfolio Activity

	Q2 Portfolio Activity		1H'21 Portfolio Activity
($ in mm)					Add-on
	Add-on
					Funding5
Funding5
				$264		($553)
	$246		($321)	($15)					($10)
	$790				$1,322
	New
	Loans
					New
				$7,520			Loans		$7,520
$6,820					$6,497

1Q21	Fundings Repayments	Other7	2Q21			4Q20	Fundings Repayments	Other7	2Q21
				Key Highlights

Q2'21	$825 million	100%	5.9%	62%
1H'21	$1.4 billion	100%	5.6%	65%
	Commitments to	Floating Rate	Weighted Average	Weighted Average
	New Mortgage Loans	Mortgages	Unlevered All-in Yielda	Loan-to-Value

a)	Includes benefit of forw ard points on currency hedges related to loans denominated in currencies other than USD; Weighted Average Unlevered All-in Yield is based on the applicable benchmark rates
	as of period and includes accrual of origination, and extension.

See footnotes on page 18

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